The global cryptocurrency market had fallen below $1 trillion, data by Coin Metrics has shown.
This comes in tune with the fall of the popular cryptocurrency, Bitcoin which also fell to its lowest level since June.
This fall, recorded on Wednesday morning, comes amidst a drop in stock markets globally and the continued strength of the U.S. dollar.
Bitcoin was last trading slightly lower at around $18,823.94, according to Coin Metrics. Ether, which has far outpaced bitcoin’s gains in recent months, was down more than 2% at $1,535.49, reports by CNBC say.
“Central banks around the world are battling rampant inflation with tightening monetary policy.
“The macro environment also continues to prove difficult with the dollar continuing to put in highs. This impacts all risk assets as we can see,” Vijay Ayyar, vice president of corporate development and international at crypto exchange Luno, told CNBC.”If we see the dollar start to move back down, then we should be able to get risk assets such as bitcoin move back up again.
” The crypto market has been battered this year with nearly $2 trillion wiped off its value since its peak in November. Bitcoin is about 60% off its record high of $68,990.90 that was hit in November.” the report said.